There has been a steady decrease in the number of homes for sale in the $30,000 to $100,000 price range. This reflects what we have been seeing the market as prices rise – a dwindling supply of homes priced under $100,000. Home supply in the $100,000 to $250,000 price range has bounced around some but has remained at a more even level this year.

The graph above shows what has happened to the median price of single family detached homes sold in the Phoenix area over the past two years. The median price has gone from a low of $115,500 in July of 2011 to a high of $147,000 in April, 2012.